Cash alert! Last chance to deposit your old notes
Sweden's old 20, 50 and 1,000-kronor banknotes can no longer be spent in shops, but all is not yet lost.
Wednesday August 31st marks the last day that the three notes can be deposited to bank accounts.
Anyone who misses the deadline will still be able to exchange the old notes for a 100-kronor fee by sending the notes to the central bank. But the Riksbank can ask late-comers where the money came from, and may demand to see receipts and bills in line with Sweden’s anti-money laundering laws.
Some 82 percent of the old notes have made their way to the Riksbank, but tender to the tune of 1.3 billion kronor ($152 million) is fast expiring in pockets, piggy banks and drawers nationwide.
Sweden’s central bank hopes to emulate Finland, which hauled in 85-90 percent of the old markka notes during the country’s transition to the euro.
“But there’s a big difference between the values of course,” said central bank divisional manager Christina Wejshammar.
“We have already take in a large proportion of the thousand-kronor notes: 92 percent.”
Sweden’s new 100 and 500-kronor notes are scheduled to enter circulation in October, while the old versions of those notes will stay valid until June 30th 2017.
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Wednesday August 31st marks the last day that the three notes can be deposited to bank accounts.
Anyone who misses the deadline will still be able to exchange the old notes for a 100-kronor fee by sending the notes to the central bank. But the Riksbank can ask late-comers where the money came from, and may demand to see receipts and bills in line with Sweden’s anti-money laundering laws.
Some 82 percent of the old notes have made their way to the Riksbank, but tender to the tune of 1.3 billion kronor ($152 million) is fast expiring in pockets, piggy banks and drawers nationwide.
Sweden’s central bank hopes to emulate Finland, which hauled in 85-90 percent of the old markka notes during the country’s transition to the euro.
“But there’s a big difference between the values of course,” said central bank divisional manager Christina Wejshammar.
“We have already take in a large proportion of the thousand-kronor notes: 92 percent.”
Sweden’s new 100 and 500-kronor notes are scheduled to enter circulation in October, while the old versions of those notes will stay valid until June 30th 2017.
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